Q3 2024 Jain Irrigation Systems Ltd Earnings Call Transcript
Key Points
- Retail business showed resilience with only a 2% decline in standalone India and 1% globally, despite overall challenges.
- Nine-month revenue growth for the retail segment in India was 36%, and globally, excluding EPC projects, it was 19%.
- EBITDA for the first nine months grew by more than 20% compared to the same period last year.
- Piping business is trending positively, and the irrigation business is expected to pick up soon.
- Focus on retail business is yielding better profitability and cash flow, with receivables in the retail segment down to 60-65 days.
- Overall business was down 18% for India standalone and 9.7% on a consolidated basis for Q3 FY24.
- Delayed season due to untimely rains impacted the expected growth in Q3.
- Working capital challenges persisted, with gross working capital remaining the same as in September.
- Election-related uncertainties could impact business in the upcoming quarters.
- Receivables from government projects remain high, affecting overall cash flow and working capital.
Ladies and gentlemen, good day, and welcome to Jain Irrigation Systems Limited Q3 FY24 earnings conference call. (Operator Instructions)
Please note that this conference is being recorded.
I now hand the conference over to Ms. Ashwini Trivedi. Thank you, and over to you, ma'am.
Thank you, Sagar. Good afternoon, everyone. Welcome to the Jain Irrigation Systems Limited earnings call to discuss the quarter three FY24 results. Today, we have on call Mr. Anil Jain, Chief Executive Officer and Managing Director; Mr. Bipeen Valame, Chief Financial Officer.
We must remind you that the discussion on today's call may include certain forward-looking statements that may involve known and unknown risks, uncertainties and other factors and must be, therefore, viewed in conjunction with the risks that the company faces. Future results, performance or achievements may differ significantly from what is expressed and implied by such forward-looking statements. Please note the results and presentations are
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